What are the types of bank accounts in India?

The types of bank accounts in India are:

• Savings account – Best suited for individual consumers, who need to store their money and not spend it as frequently as businesses.
• Current account – Best suited for businesses, with minimal limits on withdrawals and overdrawing facilities.
• Salary account – These accounts are opened for an employee on behalf of their employer. It is where an employee’s salary is credited.
• Fixed deposit account – A saving instrument where one can lock in a fixed sum of money for a period of time and receive interest on it.
• Recurring deposit account – A deposit account where one can deposit amounts periodically and earn interest similar to fixed deposits.
• NRI accounts – An account that is opened by a Non-Resident Indian (NRI) in a banking institute approved by the RBI.